Here I Joseph introduce a series of lectures that are the basis of an exciting new book on the Austrian School that is currently in the works.
The subtitle “A Causal-Realist Approach” refers to a broad movement in economic science that flourished during the period 1871â€“1914 that began with Carl Menger. This movement included not only Austrian economists but also British, American, Swedish, French, Italian and Dutch economists. [John Bates Clark, Frank A. Fetter and Herbert J. Davenport in the United States; Philip Wicksteed And William Smart in Great Britain; Knut Wicksell in Sweden; Augusto Graziani in Italy; and Paul Leroi-Beaulieu and Maurice Block in France.]
Menger emphasized that economics was a unified science involving the search for cause-and-effect relationships or causal laws (“exact laws”) that would explain the prices, wages, and interest rates actually observed in reality.